AVAXBTCCryptocurrency EducationLINKNews

What next for Avalanche as AVAX jumps 12% in 24 hours

1 Mins read


  • AVAX experienced a massive price surge, riding the excitement of the Spot BTC ETF approval.
  • Concerns grew about the sustainability of AVAX’s rally amid a mixed market response.

Amid the collective celebration of the Spot BTC ETF approval, the cryptocurrency market experienced varied reactions, with certain altcoins, including Avalanche [AVAX], witnessing massive surges.

While AVAX’s recent price boost garnered attention, concerns grew about the sustainability of this rally.

Will the bulls win this time?

At the time of reporting, AVAX stands at $38.53 reflecting an impressive 12.9% surge in the last 24 hours.

Despite this surge, a closer look at AVAX’s price movement over the past month revealed a somewhat bearish trend, marked by lower lows and lower highs. The Relative Strength Index (RSI) for AVAX also declined during this period signaling a waning bullish momentum.

Although social volume around AVAX has increased, indicating heightened discussions and interactions, the sentiment declined.

This meant that a lot of negativity around AVAX was still omnipresent on social networks and platforms. The negative sentiment could impede the chances of growth for AVAX in the future.

Source: Santiment

NFTs make some noise

Amidst the price action, the Avalanche network experienced a surge in NFT activity. A mint by the SteadyNFT collection managed to generate $430,000 in terms of revenue in only 6 minutes.

New NFT mints contribute substantial volume and activity to the ecosystem. This influx of activity around NFTs can positively impact the Avalanche network and attract more creators to the platform in the future.

Beyond NFTs, the overall activity and transactional volume on the Avalanche network also witnessed growth in recent months. This surge in network activity bodes well for AVAX, strengthening its position within the broader crypto landscape.

However, not all aspects of Avalanche’s performance aligned positively.

How much are 1,10,100 AVAXs worth today?

While the network’s DeFi sector, measured by Total Value Locked (TVL) and Decentralized Exchange (DEX) volumes, showed upward momentum, development activity experienced a decline.

Source: Artemis

The decline in development activity suggests that new updates and upgrades on the network may be delayed. This could make it difficult for Avalanche to attract more new users in the future.

Source: Santiment


Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.